Do Kwon, the founder of Terraform Labs, has just been sentenced to 15 years in prison for a historic $40 billion fraud. Between ruined victims and relentless regulation, does this conviction mark the end of excesses in crypto?
In the crypto ecosystem, some cases keep coming back like boomerangs. The case of Do Kwon, founder of Terraform Labs, is one of those matters that leave a lasting mark. As his court appearance approaches, US prosecutors are demanding a harsh sentence: twelve years in prison. A request that, beyond symbolism, recalls the shockwave caused by the collapse of the Terra ecosystem.
Terraform Labs co-founder Do Kwon has admitted guilt to two U.S. criminal charges tied to the $40 billion collapse of TerraUSD and Luna. The South Korean entrepreneur entered the plea in the Southern District of New York after earlier denying all charges. The agreement with prosecutors includes financial penalties of up to $19 million and a recommendation for a reduced prison term.
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The SEC is getting angry and making the big fish of crypto cry. Record fines to calm the cowboys!
The year 2023 has ended, but the case involving the SEC and Binance is not yet over. As recently as yesterday, the U.S. crypto regulator filed a notice of supplemental authority, inviting the court to consider a decision made in the SEC vs. Terraform Labs lawsuit. Binance's legal team has their work cut out for them once again.